Reverse Mortgages Becoming More Attractive Option

Reverse Mortgages in Canada just became a much more attractive option for house-rich but cash-poor seniors. With the approval of a banking license for Homequity Bank, the Canadian Home Income Plan, or CHIP as it’s more affectionately known, is able to raise capital at much more attractive interest rates and pass the savings on to its customers. Katherine Dedyna, a Times Colonist, wrote a good summary on Househunting.ca covering the recent changes and some of the benefits of a Canadian Reverse Mortgage.